46
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2022-03-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
01837551
2022-03-01
2023-02-28
01837551
2023-02-28
01837551
2022-02-28
01837551
2021-03-01
2022-02-28
01837551
2022-02-28
01837551
2021-02-28
01837551
bus:Director6
2022-03-01
2023-02-28
01837551
core:LandBuildings
core:LongLeaseholdAssets
2022-02-28
01837551
core:FurnitureFittings
2022-02-28
01837551
core:LandBuildings
core:LongLeaseholdAssets
2023-02-28
01837551
core:FurnitureFittings
2023-02-28
01837551
core:WithinOneYear
2023-02-28
01837551
core:WithinOneYear
2022-02-28
01837551
core:AfterOneYear
2023-02-28
01837551
core:AfterOneYear
2022-02-28
01837551
core:ShareCapital
2023-02-28
01837551
core:ShareCapital
2022-02-28
01837551
core:SharePremium
2023-02-28
01837551
core:SharePremium
2022-02-28
01837551
core:RetainedEarningsAccumulatedLosses
2023-02-28
01837551
core:RetainedEarningsAccumulatedLosses
2022-02-28
01837551
core:LandBuildings
core:LongLeaseholdAssets
2022-03-01
2023-02-28
01837551
core:FurnitureFittings
2022-03-01
2023-02-28
01837551
core:LandBuildings
core:LongLeaseholdAssets
2022-02-28
01837551
core:FurnitureFittings
2022-02-28
01837551
bus:SmallEntities
2022-03-01
2023-02-28
01837551
bus:AuditExemptWithAccountantsReport
2022-03-01
2023-02-28
01837551
bus:SmallCompaniesRegimeForAccounts
2022-03-01
2023-02-28
01837551
bus:PrivateLimitedCompanyLtd
2022-03-01
2023-02-28
01837551
bus:FullAccounts
2022-03-01
2023-02-28
COMPANY REGISTRATION NUMBER:
01837551
Metabolic Services Limited (trading as London Medical) |
|
Filleted Unaudited Financial Statements |
|
Metabolic Services Limited (trading as London Medical) |
|
Statement of Financial Position |
|
28 February 2023
Fixed assets
Intangible assets |
5 |
178,657 |
224,379 |
Tangible assets |
6 |
186,859 |
453,061 |
|
--------- |
--------- |
|
365,516 |
677,440 |
|
|
|
|
Current assets
Stocks |
82,503 |
113,875 |
Debtors |
7 |
1,008,843 |
1,296,154 |
Cash at bank and in hand |
349,515 |
215,306 |
|
------------ |
------------ |
|
1,440,861 |
1,625,335 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
4,462,524 |
3,262,302 |
|
------------ |
------------ |
Net current liabilities |
3,021,663 |
1,636,967 |
|
------------ |
------------ |
Total assets less current liabilities |
(
2,656,147) |
(
959,527) |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
275,831 |
480,102 |
|
------------ |
------------ |
Net liabilities |
(
2,931,978) |
(
1,439,629) |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
130 |
130 |
Share premium account |
476,895 |
476,895 |
Profit and loss account |
(
3,409,003) |
(
1,916,654) |
|
------------ |
------------ |
Shareholders deficit |
(
2,931,978) |
(
1,439,629) |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Metabolic Services Limited (trading as London Medical) |
|
Statement of Financial Position (continued) |
|
28 February 2023
These financial statements were approved by the
board of directors
and authorised for issue on
22 March 2024
, and are signed on behalf of the board by:
Company registration number:
01837551
Metabolic Services Limited (trading as London Medical) |
|
Notes to the Financial Statements |
|
Year ended 28 February 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Clearwater Court, 49 Marylebone High Street, London, W1U 5HJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the first full year after the pandemic, the company found conditions extremely challenging and has reported a loss of £1,492,349 (2022 loss £310,215) with net liabilities of £2,931,978 (2022: net liabilities £1,439,629). As the under-capitalisation of the company became more acute, in the first quarter of 2024 the family shareholders injected an additional £550,000 of loans and secured an additional £200,000 of third party loan financing. In addition to this the company negotiated more favourable terms with one of its significant customers. In the opinion of the directors these actions provide the company with sufficient structured funding to pay its debts as they fall due. Steps have also been taken to improve controls, and enhance revenue and margins, to put the company in a stronger position going forward. The directors review and update long and short term profit and loss and cashflow forecasts monthly. The directors consider that the Company has adequate resource to continue for the foreseeable future. With the NHS under considerable pressure, the outlook is looking more stable and favourable. Accordingly the directors have continued to prepare the financial statement on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Long leasehold property |
- |
Over the life of the lease |
|
Fixtures and fittings |
- |
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
46
(2022:
46
).
5.
Intangible assets
|
Software |
|
£ |
Cost |
|
At 1 March 2022 |
|
Additions |
|
|
--------- |
At 28 February 2023 |
|
|
--------- |
Amortisation |
|
At 1 March 2022 |
|
Charge for the year |
|
|
--------- |
At 28 February 2023 |
|
|
--------- |
Carrying amount |
|
At 28 February 2023 |
|
|
--------- |
At 28 February 2022 |
|
|
--------- |
|
|
6.
Tangible assets
|
Long leasehold property |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 March 2022 and 28 February 2023 |
1,769,675 |
920,550 |
2,690,225 |
|
------------ |
--------- |
------------ |
Depreciation |
|
|
|
At 1 March 2022 |
1,477,815 |
759,349 |
2,237,164 |
Charge for the year |
194,183 |
72,019 |
266,202 |
|
------------ |
--------- |
------------ |
At 28 February 2023 |
1,671,998 |
831,368 |
2,503,366 |
|
------------ |
--------- |
------------ |
Carrying amount |
|
|
|
At 28 February 2023 |
97,677 |
89,182 |
186,859 |
|
------------ |
--------- |
------------ |
At 28 February 2022 |
291,860 |
161,201 |
453,061 |
|
------------ |
--------- |
------------ |
|
|
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
605,616 |
934,019 |
Other debtors |
403,227 |
362,135 |
|
------------ |
------------ |
|
1,008,843 |
1,296,154 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
80,000 |
80,000 |
Trade creditors |
3,215,795 |
2,056,262 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
250,000 |
– |
Social security and other taxes |
85,119 |
160,683 |
Other creditors |
831,610 |
965,357 |
|
------------ |
------------ |
|
4,462,524 |
3,262,302 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
180,000 |
260,000 |
Loan - Santino Global Assets Ltd |
95,831 |
203,293 |
Other creditors |
– |
16,809 |
|
--------- |
--------- |
|
275,831 |
480,102 |
|
--------- |
--------- |
|
|
|
10.
Controlling party
The immediate and ultimate parent company is Metholdco Ltd, a company registered in England & Wales. The registered office address of the company is 49 Marylebone High Street, London, England. W1U 5HJ.